previously controlled the site dating back to the 1980s, having taken ownership of it during the development of One Court Square and the smaller Two Court Square. While planned as the future site of another office tower for Citi, by 2015 the company decided it didn't need the potential space and that the value of the land was higher as a development site. As a result, Citi hired JLL to market the site and several months later sold the parcel to Flushing, Queens-based developer Chris Xu for $143 million. In February 2016, permits were initially filed for a 79-story tower that would reach a height of. However, due to Long Island City's proximity to LaGuardia Airport, the Federal Aviation Administration ruled that the building could rise no higher than without posing a threat to landing airplanes. As a result, the development was downsized to its current height of. In September 2016, Bank of China provided a $100 million loan to refinance the development site. Foundation work at the site began in late 2017. In July 2018, the developers secured $502 million in financing from a consortium of banks led by JPMorgan Chase, the largest-ever financing for a private real estate development in Queens. By the end of 2018, foundation work was complete and the building had risen to the sixth floor. The project launched sales in May 2019, targeting a sellout of over $1 billion, a record for Queens. The building topped-out in October 2019.
Architecture and design
Upon completion, the tower will contain 802 condos spread across the building's 68 floors. Rather than target traditional buyers of luxury Manhattan condominiums, the development hopes to attract buyers looking for more space at a lower price point and willing to accept an outer borough location. As such, the units range in price from $500,000 to $4 million, significantly lower than comparable units in Manhattan. Amenities include a fitness center with a swimming pool, a sauna and spa, a yoga room, laundry room, a children’s playroom, and multiple lounges for residents. The developers have also committed $16 million to constructing a new entrance to the New York City Subway's neighboring Court Square–23rd Street station in the base of the building.
